View Full Version : Mitt Romney And Swiss Bank Accounts

04-10-2012, 08:12 AM
Link to original article. (http://www.huffingtonpost.com/2012/04/09/barack-obama-mitt-romney-swiss-bank-account_n_1413130.html?ref=politics)

"A conference call organized by President Barack Obama's presidential campaign on Monday to push for higher tax rates for millionaires quickly descended into an attack on Republican frontrunner Mitt Romney for his secretive Swiss bank account, with Sen. Dick Durbin (D-Ill.) declaring that no presidential aspirant has ever had such an exotic financial portfolio.

"I asked Warren Buffet in a meeting we had recently, 'Have you ever had a Swiss bank account?' He said, 'No, there are plenty of good banks in the United States,'" Durbin said.

"So I started asking people: 'Why do you have Swiss bank account?' One, you believe the Swiss Franc is a stronger currency than the United States dollar. And that is apparently the decision the Romney family made during the Bush presidency. And secondly, you want to conceal something. You want to hide something. Why would you have a Swiss bank account instead of one in the United States? I would like to ... ask the press to really press some of these questions, the obvious questions. When is the last time a presidential candidate for the United States had a Swiss bank account? I think the answer is never."

It was the most direct the campaign has been on the topic of Romney's offshore funds. The issue arose during the heart of the GOP primary, when Romney released 2010 tax returns and 2011 estimates. Recently, the Obama campaign has tried to revive the charge that the former Bain Capital executive is playing loose with the tax code.

The Romney campaign did not immediately return a request for comment. "

04-10-2012, 08:14 AM
More Faux Attacks

04-10-2012, 08:49 AM
...secretive Swiss bank account...I guess its not much of a secret.

I'd like to know why it is illegal to have money in a Swiss bank account.

04-10-2012, 08:53 AM
Given the insolvency and dangerous illhealth of US banks I would go Swiss if I had enough to make it worth it.

04-10-2012, 11:03 AM
You have to report all bank accounts held in foreign lands to the U.S. Treasury yearly. Even now you have to report max value. This year it is also reportable on 1040. Nothing secret anymore.

You have accounts in foreign lands to access investments you can't buy here. But even now, your choices of investments are being limited.